Variation of List of Names and Categories of Registered Entities - Cashfirst Pty Ltd

Overview

The Financial Sector (Collection of Data) Act 2001 was enacted by the Parliament of Australia to facilitate the efficient collection and dissemination of information within the financial sector, thereby ensuring regulatory and supervisory efficiency. This Act was introduced to address the need for a comprehensive and systematic approach to the collection and management of data concerning entities in the financial sector, which is essential for maintaining stability and integrity in the financial system. The legislation empowers the Australian Prudential Regulation Authority (APRA) to maintain a Register of Entities and a list of names of registered entities, ensuring that all relevant entities are appropriately identified and monitored. This specific legislative instrument, the Variation of List of Names and Categories of Registered Entities, issued by APRA under the authority granted by the Act, updates the list of registered entities by adding the name of Cashfirst Pty Ltd. This addition reflects the corporation's new status as a registrable entity, and it is in line with the policy objective of ensuring that all entities subject to APRA’s oversight are accurately recorded and monitored. The enactment of this instrument underscores APRA’s commitment to maintaining an up-to-date and accurate registry, which is vital for effective regulatory oversight.

Scope and Application

The Financial Sector (Collection of Data) Act 2001 applies to entities within the Australian financial sector that are required to be registered by the Australian Prudential Regulation Authority (APRA). This Act mandates that APRA maintains a Register of Entities and a list of names of registered entities, ensuring that financial institutions and corporations within its jurisdiction are properly identified and monitored. The Act applies to a wide range of entities, including banks, insurance companies, and other financial institutions, ensuring that these entities comply with regulatory requirements. The geographic and jurisdictional reach of the Act extends across Australia, as it is a Commonwealth Act, thereby applying nationally. The Act includes provisions for the addition of entities to the register and list through subordinate instruments, such as the gazette notice referenced here, which specifically adds Cashfirst Pty Ltd to the list of registered entities. This Act does not specify exclusions or exemptions but rather focuses on the inclusion and registration of entities that fall under its purview, ensuring a comprehensive regulatory oversight.

Key Provisions

The primary operative sections of the Gazette C2014G00436 involve the variation of the list of names and categories of registered entities under the Financial Sector (Collection of Data) Act 2001. Specifically, section 11 of the Act outlines the process for maintaining a list of the names of registered entities, and subsection 11(2) grants the authority to a delegate of the Australian Prudential Regulation Authority (APRA) to vary this list. In this case, Barton Ashcroft, a delegate of APRA, has exercised this authority to add the name of Cashfirst Pty Ltd (ABN 36 127 647 465) to the register of entities and subsequently to the list of registered entities. The Act imposes certain obligations and requirements on APRA and the entities it governs. APRA is mandated to keep a Register of Entities under section 8 and a list of the names of these entities under section 11. The addition of Cashfirst Pty Ltd to these records follows the corporation meeting the criteria for being a registrable corporation as defined in section 7 of the Act. Additionally, Cashfirst Pty Ltd, upon becoming a registered entity, must comply with any further reporting or data collection requirements stipulated by the Act or by APRA. The Gazette C2014G00436 does not explicitly mention any offences, penalties, or consequences for breach. However, it is pertinent to note that failure to comply with the obligations imposed by the Financial Sector (Collection of Data) Act 2001 could potentially lead to enforcement actions by APRA. These actions might include fines, administrative penalties, or other regulatory measures as outlined in the Act. The maximum penalties for non-compliance could vary depending on the nature and severity of the breach, and they would be determined in accordance with the relevant provisions of the Act.